Mayur Uniquoters jumps up 9%
Mayur Uniquoters surged 7% to Rs.438.50 intra day and it has now come and settled at Rs.430 levels, nevertheless up over 5%. Volumes have jumped up almost 4 times.
The stock is reacting positively to its announcement made yesterday evening that its Board will be meeting on 10th August to consider buy back of shares.
On the same day, it will also announce its first interim dividend for the fiscal and its Q1FY17 numbers.
A buy back announcement always evokes a lot of positive sentiments in the stock, with punters taking positions to take advantage of probably a higher price – a premium to the market price. Usually the run-up to this buy back pushes up the stock price so much that the many a times the company cannot afford too high a premium over quoted market price, dashing expectations, leading to profit booking the moment the buy back price is announced.
Typically, this stock too will see great momentum till the price is announced.